Brussels (Eurotoday) – European Commissioner Šefčovič visits WTO to reaffirm EU commitment to rules-based trade.
European Commissioner for Trade and Economic Security Maroš Šefčovič is scheduled to travel to Geneva to engage with major stakeholders of the World Trade Organization (WTO) and affirm the EU’s backing for the multilateral trading system and the organisation’s important part in global trade.
In the course of his visit, EU Commissioner Šefčovič will hold talks with WTO Director-General Dr Ngozi Okonio-Iweala to express European support for his initiatives to align the WTO to the growing challenges of today’s political and economic environment. This high-level arrangement strengthens the EU’s vision of an improved WTO that remains the backbone of global trade governance and produces concrete advantages for economies around the globe. This visit comes at a critical time for global business, with the WTO confronting several challenges, including in the vicinity of dispute settlement, embarking on overcapacity and executing other critical reforms.
How does the EU support a rules-based trading system?
In his remarks, EU Commissioner Šefčovič stated that
“the EU remains the global champion of rules-based international collaboration. This is why we are dedicated to a well-functioning and revitalised World Trade Organization. For the WTO to remain the most appropriate forum for the global trading system, it must address all the problems we face in the current trading system, in the interest of all.”
In recent years, the EU has taken the lead in efforts to improve trade relations while at the same time adhering to environmental standards, as reflected in debates over the Carbon Border Adjustment Mechanism (CBAM) and other sustainable trade practices. The EU also provides capacity-building assistance to developing countries and promotes greater transparency in measures affecting trade, such as those in the Sanitary and Phytosanitary (SPS) Agreement.
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